Bitmine Adds 27,562 Ethereum as Tom Lee Calls Start of Crypto Bull Market

Bitmine continues its weekly Ethereum buying streak

Bitmine Immersion Technologies purchased another 27,562 Ethereum tokens this week, worth roughly $74 million at a reference price of $2,688 per coin. The buy lifts the company's total Ethereum holdings to 5,983,940 ETH, valued at approximately $16.1 billion. That represents 4.9% of Ethereum's total supply of 122.1 million tokens, leaving Bitmine 98% of the way toward its self-described goal of controlling 5% of the network, which it calls the "Alchemy of 5%."

The purchase extends a buying streak that has not paused since Bitmine launched its Ethereum treasury strategy on June 30, 2025. The company has bought Ethereum every week since.

Key numbers behind Bitmine's holdings

• 5,983,940 ETH held, worth about $16.1 billion
• 4.9% of Ethereum's total supply
• 27,562 ETH purchased this week
• 5,067,309 ETH staked, about 85% of holdings
• Projected annualized staking revenue of roughly $357 million

What Tom Lee said about the crypto bull market

Bitmine chairman Tom Lee argued that a crypto bull market has been underway since late June, driven by a rotation out of AI stocks and back into crypto, strengthening fundamentals around tokenization, and the end of the four-year market cycle. He said Ethereum has been the best-performing macro asset of the quarter, outpacing the S&P 500 by 6,519 basis points.

Lee framed that performance as a "prelude" to a stronger move in the fourth quarter, when he expects underweight institutions to add exposure to crypto. Lee is set to deliver the keynote at Korea Blockchain Week on September 30.

Bitmine's full holdings breakdown

Counting cash, other tokens, and what the company calls "moonshot" investments, Bitmine's total holdings reached $17.1 billion as of Saturday. Beyond its Ethereum position, the company holds 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $105 million position in Eightco Holdings.

Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy. Strategy recently pushed its Bitcoin holdings back toward a June record with a $76 million purchase, part of a broader wave of renewed treasury buying as prices climbed.

Why this matters

Bitmine's consistent weekly buying highlights growing institutional interest in Ethereum as a treasury asset. The company's staking operations through its MAVAN platform also generate recurring revenue, with about 85% of its ETH currently locked in staking. Lee's argument that institutions remain underweight in crypto suggests further buying pressure could emerge if his outlook proves correct.

Sources

• Decrypt